As the current rotating chair of ASEAN, Malaysia is urging member countries to commit to completing negotiations for the Digital Economy Framework Agreement (DEFA) by the end of this year.
Digital Minister Gobind Singh Deo said the ASEAN Digital Economy Framework Agreement represents an important step forward for the region, and Malaysia is committed to ensuring a smooth completion of the negotiations.
“Once negotiations are completed, the ASEAN DEFA is expected to double the value of ASEAN's digital economy by 2030 to reach USD 2 trillion, compared to an estimated USD 1 trillion without the DEFA, potentially increasing the digital economy of member countries by 4 to 7 times.”
He mentioned this in an interview with Bernama at the sidelines of the 5th ASEAN Digital Ministers' Meeting (ADGMIN).
Gobind Singh emphasized that this transformation will significantly boost the economy of the entire region, provided that member countries enhance cross-border cooperation, improve interoperability, and strengthen domestic regulatory frameworks and capacity building.
Gobind Singh reiterated Malaysia's commitment to building a digitally resilient ASEAN aligned with global trends and technological advances.
“In view of this, Malaysia considers the agreement crucial in transforming ASEAN into a digitally resilient and integrated region.”
According to records, during the ASEAN Economic Ministers' Meeting on August 19, 2023, the study on the ASEAN DEFA was officially approved.
The DEFA aims to provide a comprehensive roadmap to empower businesses and stakeholders across ASEAN by accelerating trade growth, enhancing interoperability, creating a secure online environment, and increasing the participation of micro, small, and medium enterprises (MSMEs).
Referring to the 5th ASEAN Digital Ministers' Meeting, Gobind Singh said its theme “Secure, Innovative, Inclusive: Shaping ASEAN's Digital Future”, aligns closely with Malaysia's chairmanship theme of “Inclusive and Sustainable”.
He noted that both themes emphasize regional development progress and inclusive initiatives, encouraging ASEAN member countries to cooperate in overcoming common challenges.
“While the ASEAN Digital Ministers' Meeting focuses on safeguarding the digital ecosystem, promoting innovation, and ensuring inclusivity in shaping ASEAN's digital landscape, Malaysia's chairing theme prioritizes inclusivity and sustainability as core principles.”
“This synergy reflects a common commitment to empower various social levels, promote equitable growth, and ensure long-term resilience, especially amidst rapid technological advancement and ever-changing global dynamics.”
Gobind Singh emphasized that the ASEAN Digital Ministers' Meeting serves as an important platform for cooperation and dialogue among ASEAN digital ministers, with the main goal of advancing the region's digital transformation agenda and strengthening the ASEAN digital economy.
Earlier, the meeting was officiated by Thai Prime Minister Srettha Thavisin at the opening ceremony.